37th Parallel Properties July 2017

Inside

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37th Parallel’s New Headquarters

July 2017

Homeownership Rates Are Dropping Across the Board Introducing Kieran Donohue

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Commercial Multifamily Valuation

Wash, Rinse, and Repeat: A Recipe for Success

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The World’s Happiest Vacations

37th Parallel’s New Headquarters

effectively manage these new investments. Our current projections predict roughly one new hire per year for the next four years, which our previous space could not have accommodated. Though we had the opportunity to move to a different building within the same complex as our previous location, it made more sense to look at some other areas within Richmond. Our previous office was in a quieter, more suburban location but was not near the type of corporate amenities we wanted to make available to the clients and partners that visit our office. Once we began our search, we were able to find brand-new construction, in the middle of an up-and-coming historic district, at the same price per square foot as our original office. With 6,800 square feet, spacious 13–15-foot ceilings, and close proximity to outstanding amenities, we now have a corporate office that can accommodate our current and future needs as we grow the company. We’re excited to move into this new phase of our company’s development with the support of our wonderful partners and investors. If you’re in the Scott’s Addition area of Richmond, stop by, and we’ll give you the full tour.

37th Parallel takes a conservative approach with all of our strategic decisions. As investors, you can see this diligence in the investment offerings we present to you. We use the same approach for our major internal decisions as well. For the past few years, we have been following a careful, deliberate growth model, hiring new staff and restructuring our teams to meet our growth needs. Late last year, this approach led us to bring on two new key additions to our staff. This year, our latest strategic initiative occurred when we moved our offices to a new and improved space in Scott’s Addition, a growing neighborhood in Richmond, Virginia.

The move was primarily a direct result of our current growth. Space in our office was becoming an issue in late 2016. By the end of the year, we had team members sharing offices designed for one occupant. We also knew our team would continue to grow. We are projected to more than double the value of our portfolio from $120 million today to $250 million within the next few years. These projections require a hiring plan (and space) to match. While our core team will always remain the same, as more and more assets move into our portfolio, we will need to steadily increase the number of our support staff to

– Chad Doty

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